Common use of Assignment for Creditors Clause in Contracts

Assignment for Creditors. Any Borrower or any of its Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code or any other federal or state bankruptcy, insolvency or similar law, (ii) consent to the institution of, or fail to controvert in a timely and appropriate manner, any such proceeding or the filing of any such petition, (iii) apply for a consent to the appointment of a receiver, trustee, custodian, sequestrator or similar official for any Borrower or any such Subsidiary or for a substantial part of its property or assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) become unable generally, or admit in writing its inability, to pay its debts as they become due or.